money moved can you. hear michelle i see him in action then yes most him. i've been saying the numbers mean something they didn't matter the u.s. has over one trillion dollars in debt more than ten thousand dollars fine tamping each day. eighty five percent of global wealth he longs to the ultra rich eight point six percent market saw thirty percent minus minus two years some with four hundred to five hundred three per second per second and bitcoin rose to twenty thousand dollars. china is building two point one billion dollars a i industrial park but don't let the numbers overwhelm. the only numbers you need to remember is one one distance shows you can afford to miss the one and only boom but. for a world cup twenty eight team coverage we've signed one of the greatest goalkeepers of all time but there was one more question and by the way who's going to be our

coach. guys i know you are nervous he's a huge star and the huge amount of pressure can run after you have to meet the center of the beach but always will and will solo a great game the great you are the rock at the back nobody gets past you we need you to get down going let's go. along. and i'm really happy to join that for the two thousand and thirteen world cup in russia meet the special one come on south appreciate me to just say the reno p.r.t. teams latest edition make up a bigger. look. welcome back to the kaiser report i'm max keyser time now to turn to ron when stone houses

then cash around welcome thank you for thanks for having me and great to be here yes great to jab me on the show and then pass is here the name often put a rico there was a lot of buzz about it it's a fork of. cash so tell us why or when and then just explain for the audience out there what a fork is i mean if you can do that in a fairly sync way sure so we forked back in may two thousand and seventeen and we forked from z. classic actually and we did that to take the case mark library and which is for zero knowledge proofs so a fork is basically where. a guitar is cloned and then built upon to create a new project simple as up right ok and so housemaid going then cash what he added feature wise so one of the first things we did bowl is try our best to implement some level of censorship resistance so distribute our ledger especially

as possible through a node network and then on top of the work start to layer encryption so all the interim node communications are encrypted so i was kind of the first thing we layered on top and we then started developing applications so the first three were messaging up location using z k snarks silos one to one those ek starts are kind of the specials of software that yeah they're the kind of cool privacy technology that makes a lot of what we've built so far on previous the technology so it gets back to one of the you know z. cache that's their kind of their call to action there it's a privacy and so it's in the same camp as minera right sure you know the privacy but it's kind of like an iterative going and trying to take new technologies and so the other features the. have it the privacy is opt in or opt out it's optional that's what i'm going to say that's the big difference between us and say moneta for example someone had to use

a kind of jumbling technique to prevent people when can transactions and addresses together and whereas we have zero knowledge proofs which is optional so you can transparently sen's then or you could do in a shielded way that means that the ledger just has a kind of timestamp he won't see the sender or receiver and you would see the amount so you know politically speaking now crypto has come on the radar of different governments different regulators different agencies and sometimes they would highlight these privacy coins in the dash or they'll say. you know an arrow and cash and they kind of picked you know put them in a different category how are you guys reacting to that so we're very regularly painted with the kind of evil prophecy coined brush however prophecy is essential to a kind of everyday life and without privacy it be very difficult to do business for a start and in a competitive landscape if your competitor can see the contents of a bank account on the contents of your transactions then you don't have any

competitive edge so we're firm believers in what we're doing we're doing it for the right reasons and we're providing in a kind of clean transparent way fighting to privacy in a transparent way there you go to censorship resistance is one of the you know the key super important in syria and it's part of the bible of big point of course censorship resistance and immutability and other features of it is what defines it and it didn't have the kind of privacy features that some thought they could improve upon because of course everything is transparently on the block sure so you know you can it's a terrible place to do crime actually a record of it if that were your intention but censorship or existence of privacy it's hard coded into the constitution of the united states right we have this right we have to give it right in the case of money in the white paper it says a peer to peer network for cash. an attempt to compete with visa or is it to refer to the attempt to recreate the anonymity of

a cash transaction using paper money your thoughts so it's both so ultimately we want to make send cash as usable as physically possible and to do that we need to be talked to too as far as transactional throughput goes with the likes of visa to really have any kind of mass market impact to make it really useful but we also want to really implement the ability to create transport or create confidential transactions as well as transparent and such it may be both because i mean a big plasma scaling debate and you know it's slow to scale and then all these old friends came into existence sure because it seems like this is a bit of the missions are at odds with each other it's like you can't have one without the other i know but anyway that's that's the goal right now let's get induce a bit of controversy here so you were hit with a fifty percent attack we were indeed yes this is been you know talked about it fear in the pickling community for years yeah so now you know it's happening so it's explain to the audience what a fifty one percent track is and talk

a little bit what happened and then what was the reaction to so on june the second we were already monitoring our production so there are a number of rental cost power sites in circulation to the amount of a feel of power for our network has huge mushroomed because a lot were kind of on high alert so it is where someone controls the majority of the network through that control they're able to inject forge limbaugh walks into the chain by doing that they can effectively do transactions they create on the main. the. consensus is that the if two miners find blokes at the same time whoever built builds a block on top of their chain first becomes a legitimate chain so if you can amass enough cash power to do a faster rate than the main that. any proof or coin and you can effectively attack in that way which is a pretty large vulnerability and it's fundamental to the hasn't been tackled for

any real proof or quite anything but going derived has the same vulnerability if you like and so things have changed massively. paper everybody was mining on c.p. use and small g.p. use that it was very decentralized and even a spec can start to grow the capital cost of launching an attack would be so big that it the incentives weren't really there yet so for to take a step back put this into perspective so when pickling was launched it was open to a fifty one percent attack if anyone like thought this would mount anything the charm of becoming in the early years was that nobody thought it would be anything exactly is money yeah it's like a logic internet on a magic internet money as like we're not even to spend five dollars hacking this thing because it's garbage yeah right so then it but it kept growing and growing in adoption hash passing power kept growing and that's the key to all this stuff is that now you've got big line with how many hashes per second. x.

so hash you know they have to rate new prefixes to describe how much this is the biggest computer ever created ever it is a massive superconductors like hashing or every ten minutes right there knock it out these blocks so they can't be attacked at this point because they're too stupid to attack it before but now the cat's out of the bag so that you can look at all these different points and you can say ah. then cash you know further x. number of dollars it makes sense there's an arbitrage where i can rent a bunch of house power i can control the network i can inject blocks so what did you guys to see to deal with this so we're really lucky we've got an amazing team responding to action immediately worked all through the night alerting all of our partners exchanges merchants to raise the number of confirmations required to receive them. is ensure that somebody can. bolling are controlling the majority of hostile work for three or four hours wouldn't be able to have enough to actually allow transactions to go through surveys that from twelve to one hundred and not

give us a kind of comfort body or to prevent further attacks or a way to build a feature that automatically increases the number of cons from asians based on some kind of activity on the network there's a number you certainly are yeah so you want to be a consultant and then cash in a moment at this rate welcome but can't can't can't that be built into the system like if you see certain outside influences building the network recognize that in confirmation time to scale to the number of times you went to feed that attack right we're going to tackle it slightly differently so we're going to do so because i just wanted five i mean i'll be a little bit longer than five seconds making a better plan of attack for this and so the reason that they were able to execute without us really housing a finger on the pulse and seeing it happen in life was that they were able to mine privately nots a feature of pick point and it's a feature that's kind of went down to every other corner so we want to try and find a way to prevent people mining in private delaying the broadcast of the blocks and then basically surgically implanting them in chains whenever they want to do it to

come to the transactions so we're going to have a penalty for delayed block injections and then further down the line we're going to try and look to leverage our secure node network and have a huge network of nodes probably how many developers you get a team of fifty three people about half of them are developing aliza take to put in a fix like that it's going to take us probably a couple of months through the short to mid term solution for the longer term solution of using our nodes as kind of new trees it's probably going to take more like a year that's a really long term fix but they do you license is out to other clients a similar problems is not a bug but a feature so we're a fork we do it through the open source community it's right it's open source. well i think it's every it's ok to be licensed it out here tolbert but i think it's a really important thing for not just us but for the. yeah ecosystem really these attacks have a huge impact on everything they spread floods and it's not good for the industry

so if it was recent media picks up on and says aha we told you these things are vulnerable they're not safe and it's begins a whole cycle of dallas again and the industry is pushed back so then it spreads around it is it is relevant i think you're actually the first american to pronounce my name right so what is it with you irish i'm scottish oh the scottish minister we drove over. so ok you get it you get it's act like this is serious business in the crypto business it is still telling about the culture it's an cachet you have to rally around it as an organisation right in the valley there are certain value is that need to be expressed so talk a little bit about that so we've recently completely professionalized organization we've recognised that the industry is moving really quickly it's an extremely competitive marketplace and in order to really make the most of what we're trying to do here we have to ensure that we're surrounded by the best possible people so we've professionalized in the seven distinct divisions headed up by really

experienced leaders guys that build businesses from the ground up guys that been in crypto for a very long time so we like to think we kind of have a rough idea of how to operate and that's what really allowed us to react quickly. preventive measures in place against the attack occurring again but also a kind of forward thinking plan in place to help the industry as a whole circumvent and eliminate the risk of these fifty one percent tax take a five years from now how many coins are they going to be in existence right now there's like two thousand when five years from now how many will there be that most obviously what i'm getting at is that it's going to be a lot less i think in my view but what do you think i think you're right i think you're right for sure the i.c.l. landscape is a wild west people are through in together really rudimentary white paper documents and raising millions of dollars and a lot of these people don't have the business skills to really do. something without capital this is not a nice yeah this is no and i say i'm just launching it like a mini or a big point a lifeline right here launching down to the wild and there is no i.c.l.

you know it's not a it's so funding through the how you funding itself so it's through a percentage of block works so we have a new white paper that just launched very recently which is changing our block watch slightly so this is on the notes that it's we have new listeners. so we're trying to distribute might one of the mining funding development exactly suite basically the senate at the moment eight and a half percent goes to the foundation pays for events pays for enough. isn't isn't . it's always has been has to be enough we have to make to have to make sure that we're responsible we have a full five dollars and we're everywhere where it where is headquartered. decentralized absolutely centralized so i'm in scotland and we've called directed risk us coins. in the skull cord probably we should have happened to it to be fair . i added i was on a panel in puerto rico with someone from san cache is

a woman ok she was smart you're smart you must be smart group we would like to see your symbol zend he said. so i should be looking at it absolutely so that is my career holding in my crypto portfolio should he send cash for sure without any reality being on the kaiser report you're welcome. that's going to do it for this edition of the kaiser report was made nice kaiser stacy herbert like to thank our guest scottish ral and whose last name is still on it think i'll remember that. if you want to catch us on twitter it's kaiser report until next time. good evening our welcome to our coverage of the twenty thousand the world cup the

fans are out in force so not much to report really there was a football match tonight russia won three one against egypt and they are paid to try call all but qualified for the knockout stages it would take a miraculous turnaround like saudi arabia winning seven zero in the next three much is not going to happen now good evening no it's not going to happen. i mean it would be the. biggest upset football history i think i mean at the moment saudi arabia was the only team other than obviously uruguay but the only team with the no point who could theoretically do it and they at the moment as they stand. twelve that's twelve goals worse off than russia is at the moment so you know it's mathematically possible but it's not. going to have another charlie we have a very we haven't got the quality to beat your guy and we'll see that tomorrow your guy wins tomorrow it's confirmed russia and you're right they are through just looking at pictures from a fun zone but it gets one out of the round of give or take one and say there are

one hundred forty four million people in russia and a lot of them we're watching the game tonight and they've been celebrating the goals in cities all around this vast country let's see how they react. just not. my. great scenes and great scenes behind us here you are the first person to get home tonight because sky state. just by the kremlin the main location say filled with people i wanted to say when the first goal went in i thought this was so russian so russia went ahead so i delayed reaction. i mean one will russia knowing the same reaction they think they kind of don't believe it's going to last when it went to you know

while whatever spawns and every other leader of the i can tell you on the atmosphere here where we are has been absolutely electrifying for for all of this tournament we've had most of the south american teams and their fans been marching to inform and sing and dance and when the second goal went in and out of it even now i'm not sure you can hear that that's a massive part down there and there's no doubt about it it's all russian singing over a month is going on in st petersburg so people that weren't didn't think it is probably in russia and now coming on to the street i can see you know the cost traffic is now it's building up that's going to be a massive party in moscow so all employers be warned you're all employees for b.p. on time tomorrow if they come in situ staying the night but this is what i would say is going to be the wildest night of the year since new year's eve bigger i think in russia and it's not just the russian fans because everybody else is here

is joining in this now and it's a policy where everyone's advice and yeah i tell you what it really is amazing is that the six month travel around so all the host cities are to my my my my feeling for the peter schmeichel show i always had the impression that no one really believes that russia as a football team do anything as an organizing country absolutely sure that this could happen but as a football team but what has happened over the last six days five days it is you know it's completely changed the mood and the i mean what's going on behind this is just. a clear sort of evidence of that and it's happening so many times where the host nation no one really believes them and then they do and then that the whole place explosives is what i mean she. going to have the same people waving the russian national flag and dancing because russians i don't know been to in fact not that expressive and said when they don't really have anything that's concerning

fans so this has been going on for a week now so the russian people the moscow people here they they've been picking up on those lessons and they're actually dancing now yesterday i was with you're not here and i left in the bed early because dad just below is below me that was i think it was colombo coming group of of guys dancing and they were teaching the russians how to dance so i went down and had a look and i think i think it was the scene just below is downtown but man isn't a square by the kremlin that's the statue of martial martial zuckoff and the square like you said filled with people and you know i wonder how many of them actually are football fans because this is one of those times when world cups i remember like my mother would get excited and she didn't even understand how many minutes were in the game almost people get excited even if not the not traditionally football fans you know come out and enjoy the atmosphere and my wife's going out tonight to watch the game enjoy it i don't think she really knows the russia we're

playing but she's excited about the atmosphere and this is what football is this is what the world cup is this is what these big events twenty brings the world together and people in reality don't care where it is as long as it's nice the weather is nice and there are places where they can actually party and it's organized well after say it's been organized really well and you know people have been allowed to do what what they want turns of partying and today it's a local people turn to show all the guests how well they can party and as you can see everywhere. you know the party is really gone i don't know if you can hear it but you know it's been very very quiet on the streets of moscow for a week or so we've heard no sirens from the police or any of the emergency services we have it's like home honking the horn has been. outlaw it and you get a big fine if you do that's been very quiet but now if everyone out there is going mostly tonight for anybody unless you've got triple delays windows is going to be

the car horns it's going to be this thing is going to be the chief i'm just marveling at how many new friendships are going to be made because everyone says there are no barriers now everyone's just chancing whatever country come from whatever language and i wonder how new how many new relationships are going to be struck up as well this is a time where all barriers are disappearing then i had the pleasure when i was a young man one nine hundred eighty four. where what denmark took part in the championship was a european championship for the first time ever and we kept saying over to get to the semifinals we'll go and they came they got to the semifinals and we went on a bus trip from copenhagen to leave and we stayed there we were the were there for twenty four hours but in those twenty four hours the people that we met the people we joined up with that we'd never ever meet anyway you know it was just incredible then back on the bus and and then that was what was in the past but it is you you strike out relationships and i've actually one of those guys i met on that trip i

ended up working with and so it was one of them for the quintuple you have a relationship and this yeah yeah people strike up incredible. this is what happens when multiculturalism globalism works and people come together and i'm just wondering how many friends this guy waving his flag and dancing around that just outside the kremlin of all places i mean you friends he's going about this is some yeah it's a party but it's a party even without alcohol this is the party of just high spirits people really enjoy much more have any fresher actually when a third game i don't know about to say we got out. ok. there's a wee wee dram and a small vote but it was great we say that the party is because russia won they won three one against the two tonight a convincing win but it took a little bit unlucky to break that accursed right after i had to. and and we can see the first go here a man he probably feels like he needs a drink now auckland fancy conceded the first skull and this is how it happened

this was in the forty seven minutes is nil after on and i was saying to peter kay not to see the first forty five then this happens. and it was ron zonen shops pretty weak no danger until. auntie's knee got in the way i actually think when he left the flats and that would have gone out for three and yeah i guess that's how bad the shot was and how wide it was but it's sometimes something happens that you can't explain and if you ask him what happened fatty that is he would say i don't know he just went for the ball is in he went for the ball out of balance it hit the hardest part of his leg the knee and it bounced off and the goalkeeper had no chance but that kind of set the tone and then very shortly after that the second goal. was scored and would you believe it dennis cherish it we didn't even start the first game and kennedy came on and scored two and again. turned out the right place at the right time to start the ball in every hand the egyptian goalkeeper and

now he is a top scorer with the announcers for the author who would have thought that golds and contender wasn't in the starting eleven and this is a world cup a surprise a survey so so which talked about the change today between small of and super smaller started on the bench and super was upfront i have to give you credit you were in favor of the season this is a good change you like to see but he didn't disappoint i'd like super in the sense that he came on and changed a little bit again saudi arabia west of all of that nothing so i think it you know now that you know it's a chance of his is vindicated face decision because as you can see zuba scored the third goal and in some style i know it's a long ball up but he is control of the ball was really good the way he took it under the foot of the defender and the way he started then he's he's a real. a really good player for a rush and he's shown himself to be a good player in the. shuffle game he's had now a little more than

a full game we scored what seagulls he showed a lot of the and other fights that's what more could you want to destroy and it gives russia the option to actually put the ball up to him because he's strong enough he's physical enough to keep the ball up and let the team come out. when we saw when he got substituted smaller that's what actually played a lot better when he came on he's a different kind of player he likes to fall in the he likes to get the ball and build it out and is not that kind of player so it's two different things and the end of the day it's who is in the best form and that guy then dictates how russia place. so three mil and really just chaotic scene syrian central moscow this point deafening cheers from that from the crowds below us then there's just the flick and you start to wonder is there a comeback on when this happened this is in the seventy third minute so that the golden man for egypt is pulled down most along the referee gives

a free kick and this is where we saw vulcan in things first of all what a finish that water what a confidence a penalty kick that is you know it doesn't matter what the goalkeeper does in that situation as you pick the right side well i'm going to put it out there because the goal of very very rarely picked the right so i guess an absolute perfect example on how supposed to work the referee things a free kick that he gives is committed outside the box so the rules are that the assistant he then says you have to have a look oh i can tell you that was inside the box he cannot argue the decision the referees already done that so that can't be changed but the plays where the offense was was made can be changed and first to gauge the freekick then you listen to the assistant and then he was in realize you had. side the box straight away get the penalty no complaints from anyone. this might not have had a major impact in this particular game but this could be you know very significant

in later matches specially in the knockout rounds this is one of those incidents where sometimes you don't get the penalty should have done and you're complaining that cost you the tournament i think and if i can tease a little bit for the pain the strike the show that goes out tomorrow we actually have and this sort of we try to explain exactly what it is. we've been to fee for and i ask the revelent one of the people. to to put us in the picture and we're looking back a little bit on on how the decisions has been made some of them have been good this one was absolutely perfect and so exactly to the letter of the law and the intent of so i have to commend the referee and the assistant that's what he's called the assessment from about referees i have to commend them i thought that they really were i'm just starting to smoke because in previous world cups always think this kind of an iconic item you know had the vuvuzela zimmerman previous owner i think

rapidly becoming the iconic item of russia twenty eighty could be the mustache of folks maybe it's going to be the mustache of victory the way things are going it's the chit chat so from a stance there it is everybody wants to beat the russian manager because he has the golden touch now this was a gimmick started by a late night russian t.v. host i wanted to show support for standards of chess of who we still see to see smile it hasn't happened yet. and everyone's been encouraged to go first that's a semi smile i would say here that's when he has at least very very that was probably on his wedding day i think that this is the history of you know this is come this is binding people together it's like a common denominator their way there with a everyone talks about the world cup and they have this they see that that's it. that's going to be a best seller now i'm sure that that's going to be you know. poppy you know he he is a hero at the moment for russia of course is yes every decision that he has made has been the right decision and every substitution his mate has paid off and has

actually worked to achieve for for him so so far the russian manager is a hero of the russian team of course you can talk about the cherry shifa scored three goals and in zuba but you need someone to lead them and he has done that and when he picked the squad and people forget that he pictured really old fellas he picked fellas that had retired from international football and still is working i saw they were excellent today again like they were when the e.u. think thirty year old center half against muscle and some people saying the best player in the world then you get a kick from the penalty it's pretty impressive it's best play in the world i said oh and only something to say some people some people i think it's a legacy i was an entity who who is actually in some kind of a watching the game for us he's a massive liverpool supporter and he obviously he's been watching he's actually been saying you know he's watching this with two hearts which i don't understand anything off the legs of the countries just want to gain.